The EUR/JPY pulled back today, and is closing towards the lows of the day. However, it should be noted that we stopped right at the all-important 120 level, which could cause a bounce. In fact, we suspect that there are only two levels to worry about in this pair: the 120 and 115 levels, both of which should be supportive. It really only comes down to which one is the launching point. Selling isn't advised – there are no less than 6 central banks selling yen at the moment.
Originally posted here
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